LAC 46:III.1001. Definitions

A. Auction Businesses which conduct business solely through internet-based platforms are not required to employ a licensed auctioneer to call the auction. Any live or simulcast auctions are required to employ a licensed auctioneer to call the live or real-time auction. B. Auction Businesses which conduct any auction through an internet-based platform are responsible for the actions of the platform. C. Definitions Auctioneer—any person who, for another, with or without receiving or collecting a fee, commission, or other valuable consideration, sells or offers to sell property at an auction. Board—the Louisiana Auctioneers Licensing Board created as created in R.S. 37:3111. Department—the Office of the Governor. Internet-Based Platform—a company that provides a forum through the internet for a person to sell the person’s or movable property via the submission of silent bids using a computer or other electronic device. Licensee—any person or business holding a license under this Chapter. Person—an individual, partnership, company, corporation, association, or group however organized. Property—any property, tangible and intangible, movable or immovable, real, personal, or mixed. Secured Party—a person holding a security interest in a property, whether movable or immovable.